The Big Whale Future of Finance - April 2026

TL;DR

• Tokenized Treasuries proved the concept; rate cuts are now driving capital into tokenized stocks & ETFs.
• Strong preference for public blockchains, atomic settlement (21X), and self-custody tokens (Ondo).
• Europe faces regulatory and custody hurdles but is a strategic priority; DLT Pilot Regime needs “quick fix”.
• Next phase: derivatives, DeFi utility, and major cost reduction through automation

Speakers:

• Oya Celiktemur – Ondo Finance, EMEA director (tokenized treasuries, stocks & ETFs)
• Marek Socha – 21X, Managing Director, Global markets (Europe’s first ESMA-regulated DLT exchange)
• Aleksandar Bukovski  – The Big Whale, Host & moderator

Key Drivers Behind the Rise of Tokenized Equities

• Macro shift + infrastructure maturity: Tokenized Treasuries served as a successful proof of concept (institutional-grade assets on public chains with compliance, near-instant settlement, and 24/7 liquidity). Rate cuts have compressed Treasury yields (from >5% to ~3.5-3.75%), pushing capital toward equities and other liquid instruments that offer access and efficiency.
• Access for restricted markets: Tokenized equities enable easy exposure to US markets in regions where traditional brokerage accounts (Interactive Brokers, Robinhood, Revolut) are unavailable or difficult to open.
• Next wave: Derivatives (perps, structured products) on tokenized stocks/ETFs to unlock institutional and buy-side participation, plus multi-collateral on-chain asset management.

Oya (Ondo): “We’ve moved from tokenized treasuries to tokenized stocks and ETFs… the next stage is launching more derivatives like perps. Each product layer unlocks the next user profile.”

Public Blockchains Preferred for Tokenization

Both speakers strongly favor public chains over permissioned/walled-garden solutions for global capital markets.

Marek Socha (21X): “Public chains provide what permissioned ones cannot — true global reach, liquidity, and network effects. Different asset classes may live on different (or multiple) chains, but the majority of assets will need to be on public infrastructure.”

Key evaluation criteria for chains (21X approach):

• Trading volumes and real use-case activity
• Type and attractiveness of assets already issued
• Ease of integration (EVM-compatible easier)
• Performance: latency, throughput, scalability (critical for equities)
• Institutional-grade security, audits, track record, and risk coverage

Mechanics & Innovation

• Atomic settlement (21X): Removes the clearing stage entirely → no counterparty risk, no settlement failure, instant collateral mobility, superior capital efficiency. Central limit order book runs fully on-chain via smart contracts.
• Ondo custody & settlement: Tokens held by users in self-custody wallets (Ethereum, Solana, BNB). Underlying securities held off-chain at SEC-regulated broker-dealer custodians. Mint/redeem is instant via stablecoins; underlying stock trades occur during traditional market hours.
• Utility beyond holding: Tokens are transferable and usable in DeFi (lending, collateral). Next phase is adding deep utility so users can borrow against, lend, or generate yield with tokenized equities.

Oya: “Tokenization is done. We’ve proved it works. Adding utility to these assets is the next big step.”

European Outlook & Regulatory Barriers

• Europe is a strategic priority for Ondo (partnerships with BX Digital/Börse Stuttgart and 360X/Deutsche Börse; EU base prospectus approved).
• Main barriers:
  1. Regulatory clarity — MiCA covers crypto assets, but tokenized equities sit in an ambiguous overlap with MiFID.
  2. Custody infrastructure — European custodians/CSDs not yet ready to hold tokenized securities under standard agreements.
• DLT Pilot Regime: Seen as a useful sandbox but currently too restrictive (product limits, market-cap caps on equities, limits on complex products). Industry lobbying (“quick fix”) is underway to expand it.
• Biggest single clarification needed (Oya): “ESMA ruling confirming that tokenized securities via smart contract satisfy CSDR book-entry equivalence for prudential/regulatory treatment.”

Capital flow potential: Tokenization could enable two-way flows — European investors to US assets, and global capital (Asia, Middle East) into European mid-caps and SMEs that are currently invisible to international allocators.

Liquidity, Interoperability & Institutional Moat (2027–2028 Outlook)

• Preferred scenario: Fragmented but interoperable venues rather than a single dominant winner. Abstraction layers will hide chain complexity from end users.
• Moat debate: Legal certainty + trust in issuer (governance rights equivalent to traditional shares) vs control of transfer agent/distribution layer. Ondo focuses on distribution + liquidity.
• Retail vs Institutional: Technically possible on the same rails, but operationally challenging without intermediaries for pure retail flow.
• Cost reduction: Atomic settlement, automation, and removal of clearing should materially lower total trading/settlement costs once volumes scale.

Marek Socha: “By definition, if you remove a couple of stages… the transaction should end up cheaper.”

Oya on costs: “As the market becomes more mature… these costs tend to find their place and be minimal over time.”

Additional Notes

• Ondo has reached ~$800M TVL and ~$18B in trading volume in six months since launching tokenized stocks/ETFs.
• Voting rights: Partnership with Broadridge enables proxy voting for tokenized equities (addressing a traditional-finance requirement).
• Both speakers expect continued strong growth in tokenized Treasuries and equities once proper institutional infrastructure arrives, with derivatives as the exciting near-term catalyst for on-chain capital.

‍